At 178, Hanover Insurance Group finds strength in brand, community investment

Worcester is celebrating its tercentennial in 2022. The Telegram & Gazette is profiling some of the oldest companies in the city over the years.

WORCESTER — Not many companies can claim to be 178 years old, but the Hanover Insurance Group can, boasting both a "long history and a strong financial trajectory."

Those are the words of Hanover President and CEO Jack Roche, who has been with Hanover for nearly two decades — initially joining the group to help run a portion of its commercial lines — and took on the role of CEO four years ago.

Hanover is a national provider of property and casualty insurance, distributing its products and services through a select group of independent insurance agents across 40 offices in the U.S.

"I've thoroughly enjoyed helping us take all the good work of the past and start to turn it into some really industry-leading financial results, and importantly, beyond financial results, really building a brand within the industry," Roche said.

That brand established its roots March 16, 1844, with the founding of State Mutual Life Assurance Co. of Worcester — four years before Worcester was incorporated as a city.

In 1968, it merged with Manhattan-based Hanover Fire Insurance Co., rebranding as the Hanover Insurance Group and settling at its current headquarters at 440 Lincoln St. in 1969.

Across the U.S., the Hanover Insurance Group has 4,400 employees with about 1,750 in Massachusetts, 95% of which are in Worcester.

40 offices in US and growing

The group has 40 offices across the country and is continuing to grow steadily, "thoughtfully expanding each year," Roche said.

Reaching over $5 billion in revenue and market capital, Hanover saw its earnings grow 9% in the first quarter of last year, and the group set its goals for the next five years to include upper single-digit growth and growth of 12% to 14% in earnings per share.

Roche said Hanover is a much different company now than it was when he joined 16 years ago, but one "more worthy of investment and able to navigate a much more sophisticated business environment."

He said the group sets itself apart from competition as a leading employer and responsible corporate citizen, exemplified by the level of investment Hanover has taken in the city and community over the years.

Over its decades in the city, the group has shown its dedication to Worcester through donation and investment. Hanover donated $1.5 million last year to United Way of Central Massachusetts, supported efforts to construct the pediatric trauma center at UMass Memorial Medical Center and invested in community landmarks such as the Worcester Public Library, EcoTarium and DCU Center.

"That's what the next generation is looking for: A company that's successful, growing and provides career opportunities, but beyond that provides opportunities for them to feel good about the company they're working for and to really make some strong contributions to the community," Roche said.

"It took a lot of work to get to this point but I think that's what makes us stand out, not just in Worcester but broadly in our industry," he added.

Footprint visible across city

Its footprint can be seen all over Worcester, from Hanover Insurance Park at Fitton Field where the Worcester Bravehearts play, to The Hanover Theatre.

Over a decade ago, the group began spearheading efforts to develop the former Poli Palace theater at 2 Southbridge St., now The Hanover Theatre and Conservatory for the Performing Arts. Today it's one of the most successful theaters in Central Massachusetts.

Roche said the group contributed more than $3 million to the restoration of the theater, as well as helped develop the $40 million project with financial and political support.

Hanover was also involved in Worcester's CitySquare project, purchasing the land in 2010 and developing the 12-acre mixed-use project, which included the Unum building and St. Vincent Cancer and Wellness Center.

Roche said Hanover bought the land after the previous developer ran into issues at the site. The group leveraged its investment portfolio to create a subsidiary that essentially became the developer of the CitySquare project, which has now seen the sale of its last remaining parcels of unused land.

"I like to believe we're not only a great corporate citizen but also a meaningful part of the business community and the broader community," Roche said.

Roche said he finds it interesting how a 178-year-old company can morph through the many decades it has been around, showing resilience in change.

"When I think of today's business environment and the speed at which capital is being deployed and business models are changing. We're not just some sleepy insurance company based in Worcester, Massachusetts," Roche said.

"We're a 170-year-old company with great heritage and we have great evidence we're increasingly agile and frankly better prepared than ever for the industry change that surrounds us."